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OPEC has cut its forecast for 2025 demand growth to 1.54 million barrels per day, from 1.85 million barrels per day in July. That is at the high end of estimates compared to those from the ...
A weekly look at what occurred in the oil markets of the U.S. and the world this past week. The monthly reports of the International Energy Agency and OPEC, both released this past week, reflect ...
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
Yes, but: Oil prices were up by about 1% on Monday after OPEC’s monthly market report said that the fundamentals remained strong and that it was speculators bringing prices down.
The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.
At the 6th Ministerial Meeting of the GECF in Doha, it was decided to create a working group under the leadership of the Ministry of Industry and Energy of Russia to coordinate actions to form a full-fledged organization. This step was perceived as the inevitability of creating a gas analogue of OPEC. As a result, the agreement on the ...
OPEC members have pledged to cut 1.716 million barrels per day (272,800 m 3 /d), while several non-OPEC countries have pledged total reductions of 388 million barrels per day (61,700,000 m 3 /d). During 1998, due mainly to low oil prices, OPEC crude oil export revenues fell 30 percent (to $100 billion) from the previous year.
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...